EX-12 2 d561258dex12.htm EX-12

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

|  | Six Months Ended |
|  | May 31, |
|  | 2013 |  |  | 2012 |
Net income (loss) |  | $ | 78 |  |  | $ | (125 | )
Income tax expense (benefit), net |  |  | 2 |  |  |  | (2 | )
Income (loss) before income taxes |  |  | 80 |  |  |  | (127 | )
Fixed charges |  |  |  |  |  |  |  |
Interest expense, net |  |  | 161 |  |  |  | 175 |
Interest portion of rent expense (a) |  |  | 9 |  |  |  | 10 |
Capitalized interest |  |  | 7 |  |  |  | 11 |
Total fixed charges |  |  | 177 |  |  |  | 196 |
Fixed charges not affecting earnings |  |  |  |  |  |  |  |
Capitalized interest |  |  | (7 | ) |  |  | (11 | )
Earnings before fixed charges |  | $ | 250 |  |  | $ | 58 |
Ratio of earnings to fixed charges |  |  | 1.4 |  |  |  | - |
Coverage deficiency |  |  | - |  |  |  | 138 |

(a) | Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.